Real Estate

The Official Mortgage Rates Thread

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Jan 31, 2018
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SriP41018 wrote: Got news few minutes ago from Bank agent..RBC fixed rate mortgage for 5 - year fixed is now 2.54%.
With 20% down you can get a lower rate with the monolines in the 2.39% range & 2.54% major bank with $2500 cash back ( mortgages over 500k )

Phil
Phil Cragg
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TuxedoBlack wrote: I'm so glad my mortgage is coming up for renewal come Fall. Based on what we're seeing, the rates are going to be dropping even further over the next several months. I plan to lock it in come summer and hoping to get a 5-year fixed term at 2.09% or better.

Can't believe I'm saying this, but I'd be open to do a 10-year term if it's under 2.49%.
Depending on when you are up for renewal lock in can be done 120 days out

10 yr rates are still in the high 2%'s

Phil
Phil Cragg
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ratatapa wrote: Tangerine seems to offer 2.19% for3 year fixed


would it be a good idea to jump from a 3.45% Fixed (that ends in 2023)? I don't know my penalties yet

Thanks
Need some further info

Please find out the penalty as this is key

Let us know the mortgage amount owing

Was it previously insured

Property value

Phil
Phil Cragg
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annieann wrote: 210k mortgage remaining for value 737k and confirmed 5.1k penalty if transfer out. Any better rate?
2.29% available on a 5 yr fixed term

Phil
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Tumdace wrote: Wife and I are closing on a home in early May, we were offered a mortgage through First National @ 2.74 originally, then revised to 2.64 (Fixed 5 year, 25 year AM).

I posed this question to my broker but just want to ask RFD as well since I'm new to this (First time home buyer).

She said that even after we sign the mortgage papers, if there is a rate drop before closing date it will be applied, but I just want to confirm because I feel like once I sign the mortgage agreement it means I'm agreeing to the rate posted (2.64). With all the COVID19 stuff going on and BoC dropping rates, I'm hoping our rate will drop even further, and I don't want to sign something if it means I'm locked into 2.64 when I could technically wait to sign until first or second week of April.

Is it true, even if I sign the current agreement at 2.64 that if rates drop again they would revise the rate for me before closing?
Can you provide more details on your purchase - purchase price & how much down

Most of the lenders will allow a rate drop but the lender mentioned isn't typically one of the most competitive in terms of rate

Once you post the info the brokers on the forum will quote

Phil
Phil Cragg
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Apr 25, 2016
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Mortgage refinance:

-Roughly, what is the current market value of the property? $600,000
-What is the current mortgage owing? $ 362,000
-How much do you want to borrow (refinance)? $50,000 + $362,000 (total $ 412,000)
-Is the property owner-occupied or a rental? owner-occupied
-Where is the property located? Wasaga Beach ON
-When do you want to close on the refinance? no time frame
-Who is your current lender? RBC
-Do you have a HELOC tied to the mortgage? YES
-Is the mortgage CMHC insured? NO
-When did you buy the property? Dec 2018
-When is your renewal date? April 2023

Right now i'm in a fixed rate @ 3.34% maturing in April of 2023...i'm in need of borrowing some money (about 50K)
With the lower interest rates what are my options right now??
CdnRealEstateGuy wrote:
Do you know what the penalty is?
Spoke to RBC today. The penalty is roughly $6000 plus around $350 to discharge. I told the rep that I’m thinking of leaving and that Taangerine is offering 2.19% on 3 year term.
She said she would contact her level 2 team to see if they would drop the rate on my current mortgage?!
But that still doesn’t help me with the refinance. I’m torn, don’t really know what to do here...
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Mar 8, 2020
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Hello, I'm waiting for a quote back from our branch and thought I'd see what's available elsewhere. Thanks in advance.

-How much is the mortgage owing? 275,000
-Roughly, what is the current market value of the property? 825,000
-Which city is the property located in? Breslau (Kitchener area - postal N0B 1M0)
-Is the property owner-occupied or a rental? Owner-occupied
-Who is your current lender? RBC
-Do you have a HELOC tied to the mortgage? Yes, $25k balance
-Is the mortgage CMHC insured? No
-When did you buy the property? December 2009
-When is your renewal date? April 10, 2020

Chris
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vtec777 wrote: Mortgage refinance:

-Roughly, what is the current market value of the property? $600,000
-What is the current mortgage owing? $ 362,000
-How much do you want to borrow (refinance)? $50,000 + $362,000 (total $ 412,000)
-Is the property owner-occupied or a rental? owner-occupied
-Where is the property located? Wasaga Beach ON
-When do you want to close on the refinance? no time frame
-Who is your current lender? RBC
-Do you have a HELOC tied to the mortgage? YES
-Is the mortgage CMHC insured? NO
-When did you buy the property? Dec 2018
-When is your renewal date? April 2023

Right now i'm in a fixed rate @ 3.34% maturing in April of 2023...i'm in need of borrowing some money (about 50K)
With the lower interest rates what are my options right now??



Spoke to RBC today. The penalty is roughly $6000 plus around $350 to discharge. I told the rep that I’m thinking of leaving and that Taangerine is offering 2.19% on 3 year term.
She said she would contact her level 2 team to see if they would drop the rate on my current mortgage?!
But that still doesn’t help me with the refinance. I’m torn, don’t really know what to do here...
Thanks for the info! if you were looking at simply switching your mortgage over, the lowest 5 year fixed rate would be 2.24%. If you wanted to refinance to include the additional funds needed, the lowest is 2.49%. It's very likely that these rates will be lower within the next day or two. They are falling fast!
Paul Meredith
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Nov 22, 2006
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Have a home mortage renewal and a presale condo purchase for rental coming up at the same time.
May 1st for renewal and sometime in May for condo completion. Just looking around for rates. Thanks in advance.

Renewal
-How much is the mortgage owing? 584,000
-Roughly, what is the current market value of the property? 1,300,000
-Which city is the property located in? New Westminster B.C.
-Is the property owner-occupied or a rental? Owner
-Who is your current lender? TD
-Do you have a HELOC tied to the mortgage? No but am thinking about getting a readvanceable HELOC
-Is the mortgage CMHC insured? No
-When did you buy the property? 2015
-When is your renewal date?May 1

Purchase
-What is the purchase price? 380000
-How much is the down payment? 95000
-Where it the property located? Coquitlam BC
-When is the closing date? Sometime in May
-Will the property be owner-occupied or a rental? Rental
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Nov 28, 2013
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rateconnect wrote: Need some further info

Please find out the penalty as this is key

Let us know the mortgage amount owing

Was it previously insured

Property value

Phil


Well I’m kinda ****

Would cost 6k to break
181k left and gave more then 20% cashdown
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Sep 13, 2011
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Chrisculkin wrote: Hello, I'm waiting for a quote back from our branch and thought I'd see what's available elsewhere. Thanks in advance.

-How much is the mortgage owing? 275,000
-Roughly, what is the current market value of the property? 825,000
-Which city is the property located in? Breslau (Kitchener area - postal N0B 1M0)
-Is the property owner-occupied or a rental? Owner-occupied
-Who is your current lender? RBC
-Do you have a HELOC tied to the mortgage? Yes, $25k balance
-Is the mortgage CMHC insured? No
-When did you buy the property? December 2009
-When is your renewal date? April 10, 2020

Chris
Thanks for the info! The lowest 5 year fixed for your situation is 2.24%. Legal and appraisal fees covered for you. Switches take about 30 days to complete, so I would suggest getting started ASAP!
Paul Meredith
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Feb 25, 2020
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Location KW
Property Price 740K
Down 190K
Mortgage Amount 550K
Closing Date April 22

Offered 2.42 by XMC via Intellimortgage with one rate cut for 5 year fixed closed term.
  1. Is it better to wait closer to April in hopes there is a second rate cut?
  2. Is XMC reliable company to do mortgage with?
  3. Better to go for 3 year of 5 year?
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ramanathshenoy86 wrote: Location KW
Property Price 740K
Down 190K
Mortgage Amount 550K
Closing Date April 22

Offered 2.42 by XMC via Intellimortgage with one rate cut for 5 year fixed closed term.
  1. Is it better to wait closer to April in hopes there is a second rate cut?
  2. Is XMC reliable company to do mortgage with?
  3. Better to go for 3 year of 5 year?
Lowest 5 year fixed for your situation is 2.29%. Most lenders will allow for a one time rate float down. I'm expecting more drops to fixed rates throughout this week. This is not a great time for the world unfortunately. But it's a great time for anyone who needs a mortgage.
Paul Meredith
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Dec 20, 2018
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Looking at a renewal

How much is the mortgage owing? 475,000
-Roughly, what is the current market value of the property? 3,500,000
-Which city is the property located in?Toronto
-Is the property owner-occupied or a rental? Owner-occupied
-Who is your current lender? TD (floating rate)
-Do you have a HELOC tied to the mortgage? Yes, $150k balance
-Is the mortgage CMHC insured? No
-When did you buy the property? August 2010
-When is your renewal date? August 31, 2020


What would you suggest?
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Feb 7, 2006
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our renewal is coming up Sept 1. BMO offered 2.79%, 5 year fixed, non-insured for early renewal. Asked for a better rate and BMO offered today 2.49%, 5 year fixed, non-insured.
260k mortgage. Thank you to all for the info in this thread.

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